Ina Steiner EcommerceBytes Blog
News and insight focusing on ecommerce.
by Ina Steiner, Editor of EcommerceBytes.com
Mon Oct 20 2014 14:46:37

eBay Board Member Resigns, But Questions Remain

By: Ina Steiner

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Marc Andreessen has decided to resign from eBay's Board just over a week after a Bloomberg anchor asked if he should be kicked off. During an October 9th interview, Trish Regan asked Carl Icahn whether he believed Andreessen should be kicked off the eBay board.

Earlier this year, eBay shareholder Carl Icahn had accused Andreessen of breaching his fiduciary duties because eBay sold his company Andreessen Horowitz a stake in its Skype subsidiary.

Icahn also accused Andreessen of having a conflict of interest in gaining access to non-public information as an eBay board member while investing in and actively advising direct competitors of PayPal, including Boku (mobile payments platform), Coinbase (Bitcoin wallet), and Dwolla (online payments service).

eBay founder and chairman of the board Pierre Omidyar said Andreessen had recused himself from all deliberations throughout the board's process of divesting Skype, and Andreessen defended himself in this blog post.

Questions remain about whether competitors should be seated on company boards. Icahn's allegations about Andreessen and fellow eBay board member Scott Cook (founder and Chairman of Intuit) conjure up an image of foxes in the henhouse. It does raise the question of which master a director serves. In Andreessen's case, eBay paid him to help oversee the company; at the same time, Andreessen's firm was investing its money in eBay competitors and, presumably, advising them (in addition to funding, that's the value a Venture Capital firm provides).

Whether or not Andreessen was able to separate his role as eBay overseer from his role as venture capitalist, it's hard to deny the appearance of the possibility of conflicts of interest - and isn't that enough for a board to be concerned?

Icahn told Regan he suspected Andreessen had wanted a repeat of the Skype deal, only with PayPal this time.

One thing is clear - Andreessen's resignation today clears the decks for his company to participate in an acquisition of PayPal after the planned breakup next year, and since he can't "unknow" what he knows about PayPal, that would give him a significant advantage over other bidders.



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Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Philip Cohen

Mon Oct 20 15:19:33 2014

“It's been an absolute privilege to serve with John, Pierre, and team, and I could not be more proud of what we've accomplished, Andreessen said. I have complete confidence in John and the board to lead eBay and PayPal through the process of embarking on independent paths in 2015. I wish eBay, and both of its successor companies, all the best, and look forward to following the future of eBay and PayPal closely in the years to come.

“John Donahoe, president and CEO of eBay Inc., said: Marc has been an extraordinary board member, and we greatly appreciate the leadership, insight and expertise he has provided over the past six years. He has provided invaluable support to me, the board and the entire company.”

http://seekingalpha.com/pr/11358755-marc-andreessen-resigns-from-e
bay-inc-board-of-directors

And the mutual admiration society for "exiting" executives carries on, as usual ...

Regardless, if ever a head should be covered with hair, this is such a head …

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid ... http://bit.ly/11F2eas

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: Massachusets Howler This user has validated their user name.

Mon Oct 20 15:22:16 2014

Andreesson must not be permitted to buy Paypal or place bitcoin payment buttons on ebay.

I DO think believe this is his goal.

Massachusetts Howler

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: Massachusets Howler This user has validated their user name.

Mon Oct 20 15:26:00 2014

Vulture capitalism in its LOWEST form.
Andreesson is a LIAR, THIEF and FELON.
MH

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: iheartjacksparrow

Mon Oct 20 15:28:15 2014

Did I miss the part about how he left to spend more time with his family?

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Philip Cohen

Mon Oct 20 15:36:49 2014

Such people will always be foxes in the henhouse of shareholders’ assets …

Once you come to terms with the reality that all these guys are looking after themselves first and everyone else last, you should have no more surprises …

And, if Andreeson wants to buy directly into the clunky “PreyPal”, good luck to him …

Retail Payments (and PayPal)—The Reality ... http://bit.ly/1nSA1Zl

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid ... http://bit.ly/11F2eas

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Ming the Merciless

Mon Oct 20 16:34:04 2014

These tieless billionaires are nothing more than elitist, trashy sleaze who create privilege and wealth for themselves by stealing from those they exploit.

We have returned to the filthy vulture capitalism of the 19th century courtesy of B school educated and mega greedy ignoramuses who destroy in the name building their own little empires and piles of wealth.

Ebay has a long history of sleaze thst began under the Whitman regime and continues today though in a far more sophisticated manner today.

Ebay largely got the big insider trading Ramjaran scandal buried a few years ago and have somehow managed to convince Wall Street that ebay is the victim in the removal of so many items from Google search when, in fact, technically ebay was committing crimes and got caught and punished by Google.

Ebay also has a long history of pirating other companies patents.

And then Skype was sold to ebay and lacked a critical component so when ebay sold it the original owner (instead of ebay) made more money by selling MS the missing component.

There is NOTHING these men won't do to enrich themselves. NOTHING.

Just think of how much more damage they could have done had they really been strategizing in the long term instead of myopic 90- days snapshots.

One thing can be certain. Whoever The Ho voluntarily put on his BoD is probably indictable sleaze.

This just reeks of another insider case that should be thoroughly investigated by the SEC.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Map

Mon Oct 20 17:07:58 2014

The SEC or the Justice Department will not do anything against these men at ebay because they have protection from the WH.

These rats will walk proud as they plunder ebay & it's assets and rip us sellers off all the way for another 27 months.

Right now they are making their plans because they know how much time they have left.

Sellers get ready for the hardest sales famine yet! They are going to try and silence our voices by killing our ability to make any sale or bring a class suit.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: Massachusets Howler This user has validated their user name.

Mon Oct 20 20:26:07 2014

We ebay sellers.....

The only creatures that can be taken to slaughter again and again and again.

I don't know about YOU but I am TIRED of CONSTANTLY and SLOWLY being BLED ON THE HOOK.

Etsy/Ebid, let's go.
MH

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: The End

Mon Oct 20 22:14:44 2014

I wonder what Andreesen's noggin looked like WITH hair  :o)
A beehive ?
So glad Carl is cleaning house LIKE A BOSS.
Maybe we(the American people) will finally have the Good Ol' Ebay of 2001. It's exactly what the doctor ordered to counteract this failing economy.
Get that take rate down below 3% and we're off to the races  :o)
THANKS CARL !

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: Santini This user has validated their user name.

Mon Oct 20 22:16:33 2014

Well, whattya know, Coneheads are real!

Will the last ebay executive to leave please turn off the lights?

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: Xander This user has validated their user name.

Mon Oct 20 22:17:31 2014

Anyone remember the Coneheads from the 80's?

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: The End

Mon Oct 20 22:17:54 2014

RETRO ECONOMICS.
It's the Future of the Winning Strategy.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Ming the Merciless

Mon Oct 20 22:30:45 2014

Conehead? The guy doesn't look French.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Ming the Merciless

Mon Oct 20 22:31:34 2014

Actually he looks like a younger version of myself.

I may commit hari kiri.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: comet This user has validated their user name.

Mon Oct 20 23:15:42 2014

I have heard that your head swells up when you are trying to remember just what lies you told to whom.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: dans parts This user has validated their user name.

Mon Oct 20 23:20:55 2014

Anybody see the story about NY Times' Krugman taking on Amazon?  Wish he'd add eBay onto his hit list.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Ming the Merciless

Mon Oct 20 23:24:04 2014

If true, ebay's insistance that this vulture voluntarily resigned is yet another large brown stain on The Ho's and his puppet, Pierre's declining to non existent good reputations.

But good reputations and honesty mean absolutely nothing to billionaires like them.

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: Philip Cohen

Tue Oct 21 00:01:02 2014

Marc Andreessen Resigns, not Ousted, from eBay Board

http://www.ecommercebytes.com/cab/abn/y14/m10/i21/s01

“Andreessen joined eBay's board in September 2008, 6 months after the board named John Donahoe to replace departing CEO Meg Whitman. Within the year, in June 2009, Andreessen co-founded venture capital firm Andreessen Horowitz. Three months later, Andreessen Horowitz-led investors bought 65% of Skype for $1.9 billion in cash, and in 2011, Skype was sold to Microsoft for $8.5 billion.”

And, do tell, when was the last time anyone remembers a board member or senior executive ever being “ousted”; invariably they are given the opportunity to resign “to spend more time with their families” or some other equally unlikely reason. The only question that needs to be answered is, did Johnny Ho get a share of the Skype booty? …

Regardless, he definitely looks extraterrestrial; a little hair would be an improvement …

The eBay executive suite—where the incompetent mingle with the disingenuous, the malevolent and the outright criminal, and the just plain stupid ... http://bit.ly/11F2eas

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

This user has validated their user name. by: eBankrupted

Tue Oct 21 00:37:28 2014

Well now; doesn't this make Martha Stewart look like a saint? SEC, are you taking notes?

What's that fishy smell coming from the BOD lately? I would not be surprised if we find out a Grand Jury is involved in the very near future.

How loud would we all cheer at the sight of all of them doing the perp-walk?

I pray they all feel the stress and financial ruin they've tortured us with for the last 7 years, and choke digesting their own greed.

11/18/14 = Free at last!

Perminate Link for eBay Board Member Resigns, But Questions Remain   eBay Board Member Resigns, But Questions Remain

by: WhatWas This user has validated their user name.

Tue Oct 21 00:56:00 2014

Actions speak louder than words. Oh, and by the way, they're words have proven to be quite meaningless.

How do you tell when the eBay execs are lying - Simple, their lips are moving.

Oh wait I have a better one, fool me once... George Bush was right after all!

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